Help buying first deal with full-time job and no money down

[Caleb Griffin]

Hello BP Community!

I'll jump right in: I would like my first deal to be a duplex/triplex (or even 4-plex) that I can use an FHA loan to purchase, and live in one unit while I rent the others out. I would like to use OPM for the down payment, so that going forward it might be easier to get others to invest in me. I am 22 years old and I have a 50+ hour/week job.

Finding investors on a first deal is not the easiest thing in the world. But what I'm struggling to understand is, once I find investors, how do I manage to pay them back, plus interest, in a relatively short time period? How does that even work, or how has it worked for you on your first deals? I have many other questions, but I wanted to throw this one out first. Help a newbie out! Thanks!

[Anthony Gayden]

Originally posted by @Caleb Griffin:

Hello BP Community!

I'll jump right in: I would like my first deal to be a duplex/triplex (or even 4-plex) that I can use an FHA loan to purchase, and live in one unit while I rent the others out. I would like to use OPM for the down payment, so that going forward it might be easier to get others to invest in me. I am 22 years old and I have a 50+ hour/week job.

Finding investors on a first deal is not the easiest thing in the world. But what I'm struggling to understand is, once I find investors, how do I manage to pay them back, plus interest, in a relatively short time period? How does that even work, or how has it worked for you on your first deals? I have many other questions, but I wanted to throw this one out first. Help a newbie out! Thanks!

My advice is probably going to not be what you want to hear. If you are working 50+ hours a week, you have within you the ability to save up a 3.5% down payment to purchase a property with an FHA loan.

If you don't have the ability to do that, then you need to seriously focus on your spending habits before you even think about investing in real estate. You have to be very focused on budgeting and money management to be successful in any business.